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Shares of Masimo (NASDAQ:MASI), a California-based medical company, are trading over 4% higher after the U.S. court ruled that Apple (NASDAQ:AAPL) had infringed on one of the company’s patents.
Apple was importing and selling its watches that included Masimo Corp ‘s pulse oximeter patents, the company said. The Cupertino-based tech behemoth first released its pulse oximeter sensor with the Apple Watch Series 6 in 2020 and still continues to use it in most recent models.
“Today’s decision should help restore fairness in the market. Apple has similarly infringed on other companies’ technologies, and we believe today’s ruling exposes Apple as a company that takes other companies’ innovations and repackages them,” Joe Kiani, CEO of Masimo.
The judge ruled that Apple did not violate four other patents.
“We view this as a positive signal, but wait for the final determination, expected to be completed by May 10, 2023. We look to learn more details on potential implications,” BTIG analysts said in a note.
BTIG rates Masimo stock with a Buy rating and a $180 per share price target.
